In the past decade inventory of single-family homes hit it’s lowest point back in April 2005 – with only 2,778 properties listed for sale in Miami-Dade.
That number skyrocketed to 17,070 three years later – in July 2008. And then the numbers began to decline …. In May 2012 Miami had only 4,399 homes listed for sale (giving us only a 4 month supply of inventory to work with).
Median prices declined 59% … after hitting their peak in May 2007 … and are now roughly comparable to where they were in May 2002.
Single family homes listed for sale in the $300,000- $999,000 range make up approximately 1/3 of our current inventory (34%) … which translates to around 23% of all sales.
Homes priced from $1 million (and above) make up 21% of our currently available inventory and approximately 6% of all sales.
If you’re wondering about the percentage of the homes/condos listed for sale in Miami-Dade that are distressed property (short sales and foreclosures): The answer is “about half” … Half (of the single-family home sales in Miami-Dade) are distressed situations. The other half are regular sales. Foreclosure properties make up about 6% of the available inventory – and one quarter of all sales. Short sales account for another quarter of all property sales right now … and 23% of the available inventory. We are seeing considerable more short sale listings …. relatively few foreclosures.
Non-distressed property sales represent half the current sales (49%) and 71% of the current available inventory… There are alot of both distressed property and non-distressed property – priced well – which makes this a good time to buy.
Good news for sellers: Single family home sales increased by 20% in the second quarter of 2012.
Either way, if you are considering selling, or buying …. this is the time to sell … and to buy! We can help you with both! Call us at 305 793-1365 or 305 632-0164 The Restivo Team – EWM